Shares of banks and other financial institutions fell, but not by as much as the broad market, as Treasury yields rose sharply following relatively strong U.S. economic data.
The yield on the 10-year Treasury note registered its biggest gain since June and closed at the highest level since 2014.
The critical factor determining whether volatility in the stock market will continue is inflation, trumping even corporate earnings, said Brent Schutte, chief investment officer at money manager Northwestern Mutual Wealth Management.
Home-security concern ADT has secured investments totaling $1.5 billion from insurer State Farm and a partnership aimed at expanding ADT's customer base and improving risk-mitigation for insured homeowners, the companies said.
Write to Rob Curran at rob.curran@dowjones.com
(END) Dow Jones Newswires
09-06-22 1712ET
